House of Commons Amendments

Session 2014 - 15
Internet Publications
Other Bills before Parliament

Consideration of Bill:
524

Finance Bill, continued

(b)
the settlement ceases to meet the all-employee benefit

requirement,

(c)
the settlement ceases to meet the controlling interest

requirement,

(d)
the participator fraction exceeds 2/5, or

(e)
the trustees act in a way which the trusts, as required by the

all-employee benefit requirement, do not permit.

(3)
No claim for relief under section 236H may be made in respect of the

disposal on or after the day on which the disqualifying event (or, if

more than one, the first of them) occurs.

(4)
Any claim for relief under section 236H made in respect of the

disposal before that day is revoked, and the chargeable gains and

allowable losses of any person for any chargeable period are to be

calculated as if that claim had never been made.

(5)
Such adjustments must be made in relation to any person, whether by

the making of assessments or otherwise, as are required to give effect

to subsection (4) (regardless of any limitation on the time within which

any adjustment may be made).

(6)
Section 236H(4A) (restrictions on application of section 236L) applies

for the purposes of subsection (2)(b).

(7)
Section 236N(2) applies for the purposes of subsection (2)(d) as it

applies in relation to section 236N(1)(b) and (1A).”

Mr Chancellor of the Exchequer

Schedule  33,  page  567,  line  11,  after “occasion” insert “, after the end of the tax

year following the tax year in which the acquisition occurs, when”

Mr Chancellor of the Exchequer

Schedule  33,  page  567,  leave out lines 13 to 25 and insert—

“(2)
A “disqualifying event” occurs in relation to the acquisition if and when—

(a)
C ceases to meet the trading requirement,

(b)
the settlement ceases to meet the all-employee benefit requirement,

(c)
the settlement ceases to meet the controlling interest requirement,

(d)
the participator fraction exceeds 2/5, or

(e)
the trustees act in a way which the trusts, as required by the all-employee

benefit requirement, do not permit.”

Mr Chancellor of the Exchequer

Schedule  33,  page  567,  line  26,  leave out “after” and insert “before”

Mr Chancellor of the Exchequer

Schedule  33,  page  567,  line  34,  leave out “(2)(b)(i)” and insert “(2)(b)”

Consideration of Bill:
525

Finance Bill, continued

Mr Chancellor of the Exchequer

Schedule  33,  page  567,  leave out lines 44 to 48

Mr Chancellor of the Exchequer

Schedule  33,  page  568,  line  1,  leave out “(2)(b)(ii) as it applies in relation to

section 236N(1)(b)” and insert “(2)(b) as it applies in relation to section 236N(1)(b) and

(1A)”

Mr Chancellor of the Exchequer

Schedule  33,  page  568,  line  36,  at end insert—

“(7)
Section 236PA makes provision about events which prevent a claim being made

under this section and circumstances in which a claim is revoked.”

Mr Chancellor of the Exchequer

Schedule  33,  page  568,  line  36,  at end insert—

“236PA
No section 236P relief if disqualifying event in next tax year

(1)
This section applies where—

(a)
a deemed disposal arises in circumstances where paragraphs

(a) to (c) of section 236P(1) are satisfied, and

(b)
one or more disqualifying events occur in relation to the

disposal in the tax year following the tax year in which the

deemed disposal arises.

(2)
No claim for relief under section 236P may be made in respect of the

deemed disposal on or after the day on which the disqualifying event

(or, if more than one, the first of them) occurs.

(3)
Any claim for relief under section 236P made in respect of the deemed

disposal before that day is revoked, and the chargeable gains and

allowable losses of any person for any chargeable period are to be

calculated as if that claim had never been made.

(4)
Such adjustments must be made in relation to any person, whether by

the making of assessments or otherwise, as are required to give effect

to subsection (3) (regardless of any limitation on the time within which

any adjustment may be made).

(5)
“Disqualifying event” is to be construed in accordance with

subsections (2), (6) and (7) of section 236NA except that—

(a)
references in those subsections to the disposal are to be read

as references to the deemed disposal, and

(b)
in applying sections 236I to 236O and 236R for this

purpose—

(i)
references in those provisions to the settlement are to

be read as references to the acquiring settlement

(within the meaning of section 236P(1)), and

(ii)
references in those provisions to C are to be read as

references to the company mentioned in section

236P(1)(b).”

Consideration of Bill:
526

Finance Bill, continued

Mr Chancellor of the Exchequer

Schedule  33,  page  570,  line  17,  leave out “The” and insert “Subject to paragraph

2A, the”

Mr Chancellor of the Exchequer

Schedule  33,  page  570,  line  18,  at end insert—

“2A
In relation to disposals made on or after 6 April 2014 but before 26 June 2014,

TCGA 1992 has effect as if—

(a)
in section 236H—

(i)
in subsection (4)(b), for the words from “at the time of the

disposal” to the end there were substituted “(see sections 236J

to 236L)”,

(ii)
subsection (4)(c)(ii) (and the “and” before it) were omitted,

and

(iii)
subsections (4A) and (7) were omitted,

(b)
in section 236N—

(i)
in subsection (A1), for “Conditions A and B are” there were

substituted “Condition A is”, and

(ii)
subsection (1A) were omitted,

(c)
section 236NA were omitted,

(d)
in section 236O—

(i)
in subsection (1) the words “, after the end of the tax year

following the tax year in which the acquisition occurs, when”

were omitted,

(ii)
for subsection (2) there were substituted—

“(2)
A “disqualifying event” occurs in relation to the

acquisition if and when—

(a)
at any time after that tax year—

(i)
C ceases to meet the trading

requirement, or

(ii)
the settlement ceases to meet the

controlling interest requirement, or

(b)
at any time after the acquisition—

(i)
the settlement ceases to meet the all-

employee benefit requirement,

(ii)
the participator fraction exceeds 2/5,

or

(iii)
the trustees act in a way which the

trusts, as required by the all-

employee benefit requirement, do

not permit.”,

(iii)
in subsection (3) for “before” there were substituted “after”,

(e)
section 236P(7) were omitted, and

(f)
section 236PA were omitted.”

Mr Chancellor of the Exchequer

Schedule  33,  page  575,  line  36,  leave out “day of the disposal mentioned in section

236H(1)” and insert “time in question”

Consideration of Bill:
527

Finance Bill, continued

Mr Chancellor of the Exchequer

Schedule  33,  page  582,  line  9,  leave out “date of the disposal mentioned in section

236H(1)” and insert “time in question”

Order of the House [1 April 2014]

That the following provisions shall apply to the Finance (No. 2) Bill—

Committal

1.
The following shall be committed to a Committee of the whole House—

(a)
Clauses 1, 5 to 7, 11, 72 to 74 and 112;

(b)
Schedule 1;

(c)
any new Clauses, and any new Schedules, relating to—


          (i) tax relief in connection with the costs of childcare, or


            (ii) income tax allowances for parties to a marriage or civil

              partnership, or


         (iii) air passenger duty, or


          (iv) the rate of the bank levy, or


             (v) the subject matter of Clause 1, or


          (vi) the subject matter of Clauses 5 to 7 and Schedule 1.

2.
The remainder of the Bill shall be committed to a Public Bill Committee.

Proceedings in Committee

3.
(1) Proceedings in Committee of the whole House shall be completed in two

     days.

(2) Those proceedings shall be taken on each of those days as shown in the

    first column of the following table and in the order so shown.

(3) Each part of the proceedings shall (so far as not previously concluded) be

     brought to a conclusion at the time specified in relation to it in the second

    column of the Table.

(4) Standing Order No. 83B (programming committees) shall not apply to

     proceedings in Committee of the whole House.

          TABLE

Proceedings
Time for conclusion of

proceedings

First Day

New Clauses and new Schedules relating
3.30pm on the first day

to the subject matter of Clauses 5 to 7 and

Schedule 1; Clauses 5 to 7; Schedule 1

New Clauses and new Schedules relating
5.30pm on the first day

New Clauses and new Schedules relating
7.30pm on the first day

to tax relief in connection with the costs of

Consideration of Bill:
528

Finance Bill, continued

Second Day

New Clauses and new Schedules relating
4.00pm on the second day

to income tax allowances for parties to a

marriage or civil partnership; Clause 11

New Clauses and new Schedules relating
6.00pm on the second day

New Clauses and new Schedules relating
8.00pm on the second day

4.
Proceedings in the Public Bill Committee shall (so far as not previously

concluded) be brought to a conclusion on Tuesday 17 June 2014.

5.
The Public Bill Committee shall have leave to sit twice on the first day on

which it meets.

6.
When the provisions of the Bill considered respectively by the Committee of

the whole House and by the Public Bill Committee have been reported to the

House, the Bill shall be proceeded with as if it had been reported as a whole

to the House from the Public Bill Committee.

Consideration and Third Reading

7.
Proceedings on consideration and on Third Reading shall be completed in

two days.

8.
Standing Order No. 83B (programming committees) shall not apply to

proceedings on Consideration and Third Reading.

Order of the House [1 July 2014]

That—

1.
Proceedings on consideration shall be taken on the days shown in the

following Table and in the order so shown.

2.
Each part of the proceedings shall (so far as not previously concluded) be

brought to a conclusion at the times specified in relation to it in the second

column of the Table.

TABLE

First day

Proceedings
Time for conclusion of proceedings

New Clauses and new Schedules
3.00 pm

relating to the subject matter of

Clause 1; amendments to Clause 1

New Clauses and new Schedules
4.30 pm

relating to stamp duty land tax;

amendments to Clauses 105 to 107

New Clauses and New Schedules
6.00 pm

relating to employee shareholder

shares

New Clauses and New Schedules
7.30 pm

relating to tax arrangements that are

abusive

Consideration of Bill:
529

Finance Bill, continued

Second day

Proceedings
Time for conclusion of proceedings

New Clauses and new Schedules
2.00 pm

relating to pensions; amendments to

Clauses 39 to 43; amendments to

Schedules 4 and 5

New Clauses and new Schedules
4.00 pm

relating to the annual investment

allowance; amendments to Clause

10 and Schedule 2

Remaining new Clauses and new
6.00 pm

Schedules standing in the name of a

Minister of the Crown; amendments

standing in the name of a Minister

of the Crown; remaining

proceedings on Consideration

3.
Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion at 7.00pm on the second day.



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